Coinbase and other crypto companies, as well as the SEC, want Congress to get involved by passing laws for the sector, though action from lawmakers may take a while. It's not just the courts that may help define the future of cryptocurrencies. "This is an industry that I think can be characterized by a lack of transparency," Giagola says. There is an argument that this fight is good, or at least it will be constructive - in that it is likely to lead to more clarity about regulations. "I think that sentiment will likely continue to be somewhat negative around crypto," Glagola argues, noting volumes - the amount of crypto being traded - have declined since FTX collapsed, and they continue to deteriorate. The Wall Street Journal, Bloomberg News and Reuters reported Tuesday night that Shroder, who took over in 2021, has been replaced on an interim basis by the company’s chief legal. The spectacular collapse of FTX ushered in a so-called "crypto winter" that has yet to dissipate. In court filings on Monday, lawyers for Binance’s American arm, Binance.US, argued that the S.E.C.’s proposed asset freeze would prevent the company from paying vendors, employees and. United States crypto exchange Binance.US has finally rolled out its Binance Pay service some 22 months after the feature was launched by the global exchange to its customers outside the U.S. ![]() Its now-former CEO Sam Bankman-Fried faces civil charges from the SEC and the CFTC, and the Justice Department has also brought criminal charges against him. ![]() This is something you don't see in traditional finance, and it's a model of which Gensler is skeptical. The lawsuits are also threatening to create a lot of uncertainty and further erode confidence in the entire sector.Ĭoinbase and Binance join a list of crypto companies against which the SEC has taken action, including Kraken, Genesis and Gemini.īut Coinbase and Binance don't just run exchanges, they also operate as brokerages and clearing agencies. At 09:26 UTC Tuesday, the BTC/USD pair listed on Binance.US traded at a nearly 650 premium to its Coinbase-listed counterpart and to Binances bitcoin-tether pair (BTC/USDT) a significant. "Can it really afford to just fight this out, or does it have an incentive to try to come up with a settlement?" What this means for the crypto world dollars to buy crypto on the platform as early as June. Binance.US customers will no longer be able to use U.S. "This is going to affect people's attitude toward trading, and Coinbase is going to have to think about that," says Massad. The Binance logo is displayed on a screen in San Anselmo, California, June 6, 2023. 'Since inception, we have been known for our really low. ![]() And indeed, in the days since these lawsuits were announced, there have been significant outflows from Coinbase's and Binance's exchanges. Binance.US will offer zero-fee bitcoin (BTC) trading on its platform as the company seeks to attract more users, the firm said on Wednesday. The longer this drags out, the more it could color how crypto investors see these two companies. See More In: Binance, Binance.US, cryptocurrency, Krishna Juvvadi, Lawsuit, legal, News. Business Why Wall Street's top cop thinks it's time to get tough
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